Comments

1. a means of exchange — засіб обміну

2. in return — в обмін

3. i.e. [id est] conj лат. — тобто

4. self-employed — який обслуговує власне підприємство; який не є найманим робітником

5. an employer — наймач; роботодавець

6. an employee — службовець; працiвник; той, що працює за наймом

7. profit — прибуток, дохід

Vocabulary exercises

1. Make the words negative by using the prefix dis- .

Use your dictionary if necessary:

ability, engaged, possess, pleasure, connect, comfort, satisfactory, obey, qualify, agree, continue, approve, like, honest, appear, adjust, advantage.

II. Complete the following sentences:

1. Money is not only a means of exchange but is also ... . 2. In economic theory, labour is ... . 3. The work undertaken by a mother in caring for her children may be hard work, but ... . 4. As a scientist, the economist is interested in ... . 5. Although he is aware of the services which people provide for no financial reward, ... . 6. In economics, money is ... . 7. Labour is not concerned with distinctions of social class, ... . 8. When we talk about «the national labour force», ... .

III. Combine the sentences by using «not only», «but also».

This combination creates a contrast:

Pattern: Money is a means of exchange.

Money is a means of measuring men’s labour.

Money is not only a means of exchange,

but also a means of measuring men’s labour.

1. The economic system is the sum-total of our individual economic activities. The economic system is the general situation which influences our individual activities. 2. This scheme is acceptable to both the management and the trade unions. This scheme has government approval. 3. The government has set up a new economic commission. The government has begun to consider a change in the law very seriously. 4. The factory is producing less every year. The factory is losing valuable workers. 5. The situation interests economists considerably. The situation has certain features which make it highly unusual.

IV. Say whether these statements are true or false and if they are

false say why:

1. Money is both a means of exchange and a means of measuring the value of men’s labour. 2. A mother’s work in caring for her children is not labour because it is seldom very hard work. 3. The economist is interested in services which people provide for nothing. 4. Services which are measurable in terms of money concern the economist very much. 5. The money standard as used by economists is scientific and strictly objective. 6. Economists say that the activities of farmworkers and nurses are the same. 7. Labour in the economic sense is also concerned with the payment of higher wages to the national labour force. 8. If an employer engages an assistant, his own work can be classified as labour.

V. Answer the following questions:

1. What is money, in addition to being a means of exchange? 2. What is labour in economic theory? 3. Why is a mother’s work not labour? 4. What is the economist interested in? 5. What is the economist not concerned with? 6. What common factor relates the work of the nurse and the farmworker? 7. What is labour (in the economic sense) not concerned with? 8. What term is used to describe a person engaged in his own private business? 9. What does the employer receive instead of wages? 10. What is the reward of private enterprise called?